Having suffered a courtroom defeat five years ago, the corporate watchdog finally has the legal teeth to take on short-term predatory lenders who have been getting away with charging borrowers 1,000 per cent interest rates.Having suffered a courtroom defeat five years ago, the corporate watchdog finally has the legal teeth to take on short-term predatory lenders who have been getting away with charging borrowers 1,000pc interest rates.

Payday lenders who charge exorbitant interest and fees are in the sights of ASIC's new intervention powers.Payday lenders who charge exorbitant interest and fees are in the sights of ASIC's new intervention powers.